KPMG agreed to sell its U.K. pension advisory practice to NewCo., a newly formed company backed by private equity firm Exponent and its current partners, a spokeswoman said.
Terms of the deal were not disclosed.
Following the buyout, expected in the coming weeks, 20 partners and about 500 staff employed by KPMG's pension advisory practice will move to NewCo, the spokeswoman said.
The transaction enables KPMG to focus on its core offering, the spokeswoman said in an email. "But, importantly, is also will enable our pensions practice to continue flourish."
KPMG Partner and U.K. head of pensions Andrew Coles will be named NewCo.'s CEO.